Deposit Account Restriction Agreement means an agreement, in form and substance satisfactory to Agent, among Agent, a Borrower and each bank in which such Borrower maintains a Deposit Account and into which Deposit Account proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement provides that (a) such bank shall not enter into an agreement with respect to such Deposit Account pursuant to which the bank agrees to comply with instructions originated by any Person, other than the Borrower that owns the Deposit Account, directing disposition of the funds in such Deposit Account, and (b) such bank shall agree that it shall have no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents thereof, other than in respect of usual and customary service fees and returned items for which Agent has been given value, in each such case expressly consented to by Agent, and containing such other terms and conditions as Agent may require, including as to any such agreement pertaining to any Lockbox Account, providing that such bank shall wire, or otherwise transfer, in immediately available funds, on a daily basis to the Payment Account and/or a Lockbox Account subject to a Deposit Account Control Agreement (as Agent shall elect and direct at the time such agreement is signed) all funds received or deposited into such Lockbox Account and associated Lockbox unless the applicable Borrower shall otherwise instruct the bank in writing, subject to the limitations set forth in the Deposit Account Restriction Agreement and the other Financing Documents.
Deposit Account Restriction Agreement means an agreement, in form and substance reasonably satisfactory to Agent, among Agent, a Borrower and each bank in which such Borrower maintains a Deposit Account and into which Deposit Account proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement provides that (a) such bank shall not enter into an agreement with respect to such Deposit Account pursuant to which the bank agrees to comply with instructions originated by any Person, other than the Borrower that owns the Deposit Account, directing disposition of the funds in such Deposit Account, and (b) such bank shall agree that it shall have no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents thereof, other than in respect of usual and customary service fees and returned items for which Agent has been given value, in each such case expressly consented to by Agent, and containing such other terms and conditions as Agent may require, including as to any such agreement pertaining to any Lockbox Account, providing that such bank shall wire, or otherwise transfer, in immediately available funds, on a daily basis to the Payment Account and/or a Lockbox Account subject to a Deposit Account Control Agreement (as Agent shall elect and direct at the time such agreement is signed) all funds received or deposited into such Lockbox Account and associated Lockbox unless the applicable Borrower shall otherwise instruct the bank in writing, subject to the limitations set forth in the Deposit Account Restriction Agreement and the other Financing Documents.
Deposit Account Restriction Agreement means an agreement among a Borrower, a depository institution, and the Administrative Agent, which agreement is in a form reasonably acceptable to the Administrative Agent covering deposit accounts into which proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement contains such terms and conditions as Administrative Agent may reasonably require, including a requirement that such depository institution shall wire, or otherwise transfer, in immediately available funds, on a daily basis (or such other periodic basis acceptable to Administrative Agent) to the Concentration Account (or, at Administrative Agent’s option during a Cash Control Period, to Administrative Agent’s Bank Account) all funds received or deposited into such deposit account unless the applicable Borrower shall otherwise instruct the bank in writing, subject to the limitations set forth in the Deposit Account Restriction Agreement and the other Loan Documents.
Examples of Deposit Account Restriction Agreement in a sentence
Funds on deposit in a bank account of Borrower shall be transferred on a daily basis to the Concentration Account (or, at the Administrative Agent’s option during a Cash Control Period, to the Administrative Agent’s Bank Account) pursuant to the terms of a Deposit Account Control Agreement or Deposit Account Restriction Agreement, as applicable.
Each Borrower agrees not to open any new bank account into which proceeds of Collateral are to be delivered or deposited unless concurrently with the opening of such bank account, the Borrowers enter into a Deposit Account Control Agreement, Deposit Account Restriction Agreement or Blocked Account Agreement, as applicable, with respect to such bank account.
At any time after the sixty (60) day period following the Closing Date, open, maintain or otherwise have any bank account, other than (a) deposit accounts that are subject to a Deposit Account Control Agreement, Deposit Account Restriction Agreement or Blocked Account Agreement, as applicable, and (b) Excluded Accounts.
All funds deposited into a Lockbox Account that is subject (or required to be subject) to a Deposit Account Restriction Agreement shall be transferred into either (at Agent’s option) (i) the Payment Account by the close of each Business Day, or (ii) the Lockbox Account established pursuant to Section 2.11(a), which such transfer shall be made via an automatic immediate intrabank transfer, and then transferred to the Payment Account by the close of each Business Day.
Each Borrower shall, within sixty (60) days after the Closing Date, execute with each applicable depository institution a Deposit Account Restriction Agreement and such other agreements related to each bank account of Borrowers for which collections of Accounts from a Governmental Account Debtor are held as Administrative Agent may require.
More Definitions of Deposit Account Restriction Agreement
Deposit Account Restriction Agreement means an agreement, in form and substance reasonably satisfactory to Agent, among Agent, a Borrower and each bank in which such Borrower maintains a Deposit Account and into which Deposit Account proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement provides that (a) such bank shall not enter into an agreement with respect to such Deposit Account pursuant to which the bank agrees to comply with instructions originated by any Person, other than the Borrower that owns the Deposit Account, directing disposition of the funds in such Deposit Account, and (b) such bank shall agree that it shall have no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents
Deposit Account Restriction Agreement means an agreement, in form and substance reasonably satisfactory to Agent, among Agent, Borrower and each bank in which the Borrower maintains a Deposit Account and into which Deposit Account proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement provides that such bank shall not enter into an agreement with respect to such Deposit Account pursuant to which the bank agrees to comply with instructions originated by any Person, other than the Borrower that owns the Deposit Account, directing disposition of the funds in such Deposit Account, and containing such other terms and conditions as Agent may reasonably require, including as to any such agreement pertaining to any Lockbox Account, providing that such bank shall wire, or otherwise transfer, in immediately available funds, on a daily basis to the Payment Account and/or a Lockbox Account subject to a Deposit Account Control Agreement (as Agent shall elect and direct at the time such agreement is signed) all funds received or deposited into such Lockbox Account and associated Lockbox unless the Borrower shall otherwise instruct the bank in writing, subject to the limitations set forth in the Deposit Account Restriction Agreement and the other Financing Documents.
Deposit Account Restriction Agreement has the meaning set forth in the Affiliated Credit Agreement.
Deposit Account Restriction Agreement means an agreement which: (I) is in form and substance satisfactory to Lender, among Lender, each Selling Subsidiary and Lockbox Bank regarding each Lockbox Account into which proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement provides that: (X) the Lockbox Bank shall not enter into any agreement with respect to such Lockbox Account pursuant to which the Lockbox Bank agrees to comply with instructions originated by any Person, other than the Selling Subsidiary that owns the Lockbox Account, directing disposition of the funds in such Lockbox Account, and (Y) the Lockbox Bank shall agree that it shall have no Lien on, or right of setoff or recoupment against, such Lockbox Account or the contents thereof, other than in respect of commercially reasonable fees and other items expressly consented to by Agent, and containing such other terms and conditions as Agent may require, including as to any such agreement pertaining to any Lockbox Account, providing that the Lockbox Bank shall wire, or otherwise transfer, in immediately available funds, on a daily basis to the Collection Account all funds received or deposited into such Lockbox Account, unless the applicable Selling Subsidiary shall revoke such standing transfer instructions upon at least ten (10) days prior written notice to the Lockbox Bank and Agent or otherwise instruct the Lockbox Bank in writing, subject to the limitations set forth in the Deposit Account Restriction Agreement and the other Financing Documents; or (II) is otherwise in form and substance satisfactory to Agent.
Deposit Account Restriction Agreement means an agreement, in form and substance reasonably satisfactory to Agent, among Agent, a Borrower and each bank in which such Borrower maintains a Deposit Account and into which Deposit Account proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement provides that (a) such bank shall not enter into an agreement with respect to such Deposit Account pursuant to which the bank agrees to comply with instructions originated by any Person, other than the Borrower that owns the Deposit Account, directing disposition of the funds in such Deposit Account, and (b) unless otherwise agreed to by Agent, such bank shall agree that it shall have no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents thereof, other than in respect of usual and customary service fees and returned items for which Agent has been given value, in each such case expressly consented to by Agent, and containing such other terms and conditions as Agent may reasonably require, including as to any such agreement pertaining to any Lockbox Account, providing that such bank shall wire, or otherwise transfer, in immediately available funds, on a daily basis to the Payment Account and/or a Lockbox Account subject to a Deposit Account Control Agreement (as Agent shall elect and direct at the time such agreement is signed) all funds received or deposited into such Lockbox Account and associated Lockbox unless the applicable Borrower shall otherwise instruct the bank in writing, subject to the limitations set forth in the Deposit Account Restriction Agreement and the other Financing Documents.
Deposit Account Restriction Agreement means an agreement, in form and substance reasonably satisfactory to Agent, among Agent, any Borrower and each bank in which such Borrower maintains a Deposit Account and into which Deposit Account proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement provides that (a) such bank shall not enter into an agreement with respect to such Deposit Account pursuant to which the bank agrees to comply with instructions originated by any Person, other than the applicable Borrower that owns the Deposit Account, directing disposition of the funds in such Deposit Account, and (b) such bank shall agree that it shall have no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents thereof, other than in respect of usual and customary service fees and returned items for which Agent has been given value and containing such other terms and conditions as Agent may reasonably require, including as to any such agreement pertaining to any Lockbox Account, providing that such bank shall wire, or otherwise transfer, in immediately available funds, on a daily basis to the Payment Account, a Lockbox Account subject to a Deposit Account Control Agreement or to the cash management account maintained pursuant to the cash management structure of the Borrowers as of the Closing Date (which such cash management structure shall not be changed (other than to change the cash management account to which the funds are swept, so long as all funds so swept remain subject to the provisions of the applicable Administrative Services Agreement) after the Closing Date without the written authorization of Agent) (such direction as Agent shall elect and direct at the time such agreement is signed) all funds received or deposited into such Lockbox Account and associated Lockbox unless the applicable Borrower shall otherwise instruct the bank in writing, subject to the limitations set forth in the Deposit Account Restriction Agreement and the other Financing Documents.
Deposit Account Restriction Agreement means an agreement, in form and substance satisfactory to Administrative Agent, among Administrative Agent, Borrower or Operating Tenant and each Deposit Account Bank and into which proceeds of Accounts from Governmental Account Debtors are paid directly by the Governmental Account Debtor, and which agreement provides that (a) such bank shall not enter into an agreement with respect to such Deposit Account pursuant to which the Deposit Account Bank agrees to comply with instructions originated by any Person, other than Borrower, directing disposition of the funds in such Deposit Account, and (b) such Deposit Account Bank shall agree that it shall have no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents thereof, other than in respect of commercially reasonable fees and other items, in each such case expressly consented to by Administrative Agent, and containing such other terms and conditions as Administrative Agent may require, including such bank shall wire, or otherwise transfer, in immediately available funds, on a daily basis to an Account subject to a Deposit Account Control Agreement (as Administrative Agent shall elect and direct at the time such agreement is signed) all funds received or deposited into such Deposit Account unless Borrower or Operating Tenant, as applicable, shall otherwise instruct the Deposit Account Bank in writing, subject to the limitations set forth in the Deposit Account Restriction Agreement and the other Loan Documents.